For a fourth consecutive month, consumer inflation in the month of September 2021 rose to 10.6 percent – exceeding the central bank’s medium-term target of 8-10 percent. The increase, although anticipated by the market, is the highest in the last 14-months of COVID-19 since August 2020, when Ghanathe indicator stood at 11.5 percent. Data released
Economist and Director at the Institute of Statistical, Social and Economic Research (ISSER), Prof. Peter Quartey has charged the Board of the Bank of Ghana to ensure that there is a balance when it comes to government’s source of borrowing. A look at the Summary of Economic and Financial Data released in July by the
Governor of the Bank of Ghana, Dr. Ernest Addison, has credited the strong resilience exhibited by the economy and the quick return to growth path amidst the ongoing coronavirus pandemic to credible homegrown policies. Speaking at the 10th edition of the Ghana Economic Forum in Accra, organised by the B&FT and themed: ‘Strengthening homegrown policies to underpin the
India, Nigeria’s largest destination for oil exports, has suffered a drop in oil imports by 7% to 3.9 million barrels per day (BPD), paving the way for lower government revenues for the next couple of months. This is because the country represents 16.79% of Nigeria’s total revenue generated from exports in the first quarter of
Tax expert and lecturer at the University of Professional Studies Accra (UPSA), John Amoh, has described as retrogressive, the Value Added Tax (VAT). According to the tax expert, VAT is retrogressive in the sense that it impacts low-income earners and the poor the most, due to the fact low-income earners and the poor spend a
Ghana’s Gross Domestic Product (GDP) growth rate according to analyst and founder for the Institute for Security Studies (ISS), Dr Jackie Cilliers will fall by 2 percent if the country’s external debt composition crosses 60 percent of its GDP. Ghana’s total debt stock as at March 2021 was Ghs 304.66 billion, but the debts tock then increased by Ghs
Parliament’s Minority Leader, Haruna Iddrisu, has taken issue with the practice whereby the Auditor General publishes his audit reports even before the Legislature gets the opportunity to scrutinise them. Though he acknowledges that the practice is backed by law, the Tamale South MP laments that the practice has dire implications on people’s reputation and dignity.
The size of Ghana’s economy is projected to swell from $62.8 billion in 2020 to $83.2 billion by the end of 2023. According to Fitch Solutions, research arm of credit rating agency, Fitch Ratings, the expansion of Ghana’s economy is expected to start this year, with the economy growing by $7.2 billion in monetary terms.
In 2020 the Nigerian economy shrank by 1.8%, its deepest decline since 1983. The COVID-19 crisis drove the economic slowdown; the external context was marked by capital outflows, intensified risk aversion, low oil prices and shrinking foreign remittances. Published by the World Bank, the Nigeria Development Update Resilience through Reforms states that reforms implemented by the Nigerian government
Erstwhile Minister for Finance, Seth Terkper, has noted that Ghana is likely to default on the servicing of its debts given its swelling debts and stagnant revenues. Ghana’s debt stock as a percentage of Gross Domestic Product (GDP) according to the International Monetary Fund (IMF) is expected to increase in the medium term. According to